TN Timeshare exams 2023/ 110 Questions
and Answers/ Graded A+
What can be a timeshare? - -Anything unless prohibited by another document or
regulation.
-What is a project instrument? - -All documents associated with a timeshare.
-What is the Tennessee Real Estate Commission (TREC)? - -The judicial body of the
real estate industry in Tennessee
-Following discriminatory practices, you should make a complaint within ___ days - -
180
-What is a timeshare a estate? - -Ownership or leasehold estate in property devoted to a
timeshare fee, tenants in common, time span ownership, and triple ownership and a
timeshare lease.
-What is an acquisition agents? - -Licensed and attends directly to encourage any
person to attend a sales presentation for a timeshare program
-What is an exchange agent? - -Agent for an exchange program
-What is a purchaser? - -Anyone who buys a timeshare
-What is a sales agent? - -Person acting as a seller of any timeshare contract (only
cylinder specific timeshare developer) anyone who saw the timeshare
-What is a person that sells more than five timeshares a year that are not their own? - -
Timeshare resale broker
, -What is a unit? - -Real property improvements in a project which is divided into
timeshare intervals
-What is a managing agent? - -Person with management duties and responsibilities and
obligations
-What are timeshare units? - -Timeshare units can be created in any unit unless
expressly prohibited by project and local governing laws
-What should be included on the public offering statement? - -The public offering
statement should contain:
Name of county where property is located
Legal description of property
Identification of time periods by letter name and number
Common expenses and voting rights
Any restrictions on occupancy alterations or alienation of timeshare units
Ownership interest/maintenance provision/replacement
-____ must be provided to each purchaser of a timeshare - -Public offering statement
-When do you have to give a public offering statement? What is the exception? - -Must
be provided to each purchaser of a timeshare. Exception: developer was registered PO
statement was provided to register under security and exchange act etc., and the owner
of the property is not part to provide a public offering statement when conveying to
another individual
-What is an escrow of deposits? - -When a purchaser gifts deposit money that is placed
in an account of an independent escrow company and held 100% during cancellation.
-Active licensees must have _______ coverage - -Errors and omissions
and Answers/ Graded A+
What can be a timeshare? - -Anything unless prohibited by another document or
regulation.
-What is a project instrument? - -All documents associated with a timeshare.
-What is the Tennessee Real Estate Commission (TREC)? - -The judicial body of the
real estate industry in Tennessee
-Following discriminatory practices, you should make a complaint within ___ days - -
180
-What is a timeshare a estate? - -Ownership or leasehold estate in property devoted to a
timeshare fee, tenants in common, time span ownership, and triple ownership and a
timeshare lease.
-What is an acquisition agents? - -Licensed and attends directly to encourage any
person to attend a sales presentation for a timeshare program
-What is an exchange agent? - -Agent for an exchange program
-What is a purchaser? - -Anyone who buys a timeshare
-What is a sales agent? - -Person acting as a seller of any timeshare contract (only
cylinder specific timeshare developer) anyone who saw the timeshare
-What is a person that sells more than five timeshares a year that are not their own? - -
Timeshare resale broker
, -What is a unit? - -Real property improvements in a project which is divided into
timeshare intervals
-What is a managing agent? - -Person with management duties and responsibilities and
obligations
-What are timeshare units? - -Timeshare units can be created in any unit unless
expressly prohibited by project and local governing laws
-What should be included on the public offering statement? - -The public offering
statement should contain:
Name of county where property is located
Legal description of property
Identification of time periods by letter name and number
Common expenses and voting rights
Any restrictions on occupancy alterations or alienation of timeshare units
Ownership interest/maintenance provision/replacement
-____ must be provided to each purchaser of a timeshare - -Public offering statement
-When do you have to give a public offering statement? What is the exception? - -Must
be provided to each purchaser of a timeshare. Exception: developer was registered PO
statement was provided to register under security and exchange act etc., and the owner
of the property is not part to provide a public offering statement when conveying to
another individual
-What is an escrow of deposits? - -When a purchaser gifts deposit money that is placed
in an account of an independent escrow company and held 100% during cancellation.
-Active licensees must have _______ coverage - -Errors and omissions
